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Market Opener – 29 Aug 2018
Local Markets Commentary
The Australian market commences mid-week trade amid a swag of domestic corporate earnings reports and high-cap stocks trading ex-dividend, and on lacklustre overnight international equities and mixed commodities trade leads.
In overnight commodities trade, oil and US gold futures turned lower.
Iron ore (China port, 62% Fe) turned slightly higher.
LME copper headed higher in initial trade for the week, nickel and aluminium likewise, but more in rally mode.
The $A covered little ground after trading at ~US73.40c early yesterday evening.
Locally today, July new home sales are expected.
Large-cap stocks trading ex-dividend today include: DOW, SGR, SUL and TLS. Details can be found on pp4-5.
Regionally today, Bank of Japan governor Haruhiko Kuroda is due to speak publicly 11.30am AEST.
Overseas Market Commentary
Choppy trade featured across major European and US equities markets, most key indices struggling to maintain opening gains. The FTSE proved the exception, opening much stronger, in catch-up mode from a Monday public holiday weekend.
Even so, the British pound traded at one-year lows against the euro, due to concerns no definitive deals would be effected as the UK separated from the European Union (EU).
European Central Bank (ECB) chief economist Peter Praet assured the monetary policy support offered over recent years by the bank would continue to be closely monitored, due a cocktail of its success, the bank’s plan to end bond purchases by year’s end, and also signs of a weakening of the pace of regional growth and associated lending demand.
In US data releases, the July goods trade deficit swelled 6.3% to $US72.20B from $US67.92B, impacted by a fall in agricultural exports, this attributed mostly to a drop in soybean deliveries to China.
July wholesale inventories rose by 0.7% for the month and 5.2% year-on-year. Forecasts had included a 0.2% increase.
The Case-Shiller June house price index came in at 0.11% growth against 0.21% for May.
The Richmond Fed manufacturing index improved by four points to 24, against an expected fall to 17.
The Conference Board’s consumer sentiment index rose by 5.5 to 133.4.
Tonight in the US, a (second of three) June quarter GDP growth reading, July pending home sales and weekly mortgage applications are due.
Petrofac and Sales force.com are among companies scheduled to report earnings.
In overnight corporate news, Best Buy’s profit guidance warning bruised sentiment, despite 6.2% higher same-store sales and $US9.38B worth of overall sales, the stock pushed 5% lower.
Not so for specialist retailer Tiffany & Co however, which rose 0.8%.
Shoe seller DSW bolted 20%, on better-than-anticipated quarterly figures coupled with a guidance boost.
Meanwhile, US markets are heading towards a Monday public holiday weekend.
The Australian market commences mid-week trade amid a swag of domestic corporate earnings reports and high-cap stocks trading ex-dividend, and on lacklustre overnight international equities and mixed commodities trade leads.
In overnight commodities trade, oil and US gold futures turned lower.
Iron ore (China port, 62% Fe) turned slightly higher.
LME copper headed higher in initial trade for the week, nickel and aluminium likewise, but more in rally mode.
The $A covered little ground after trading at ~US73.40c early yesterday evening.
Locally today, July new home sales are expected.
Large-cap stocks trading ex-dividend today include: DOW, SGR, SUL and TLS. Details can be found on pp4-5.
Regionally today, Bank of Japan governor Haruhiko Kuroda is due to speak publicly 11.30am AEST.
Overseas Market Commentary
Choppy trade featured across major European and US equities markets, most key indices struggling to maintain opening gains. The FTSE proved the exception, opening much stronger, in catch-up mode from a Monday public holiday weekend.
Even so, the British pound traded at one-year lows against the euro, due to concerns no definitive deals would be effected as the UK separated from the European Union (EU).
European Central Bank (ECB) chief economist Peter Praet assured the monetary policy support offered over recent years by the bank would continue to be closely monitored, due a cocktail of its success, the bank’s plan to end bond purchases by year’s end, and also signs of a weakening of the pace of regional growth and associated lending demand.
In US data releases, the July goods trade deficit swelled 6.3% to $US72.20B from $US67.92B, impacted by a fall in agricultural exports, this attributed mostly to a drop in soybean deliveries to China.
July wholesale inventories rose by 0.7% for the month and 5.2% year-on-year. Forecasts had included a 0.2% increase.
The Case-Shiller June house price index came in at 0.11% growth against 0.21% for May.
The Richmond Fed manufacturing index improved by four points to 24, against an expected fall to 17.
The Conference Board’s consumer sentiment index rose by 5.5 to 133.4.
Tonight in the US, a (second of three) June quarter GDP growth reading, July pending home sales and weekly mortgage applications are due.
Petrofac and Sales force.com are among companies scheduled to report earnings.
In overnight corporate news, Best Buy’s profit guidance warning bruised sentiment, despite 6.2% higher same-store sales and $US9.38B worth of overall sales, the stock pushed 5% lower.
Not so for specialist retailer Tiffany & Co however, which rose 0.8%.
Shoe seller DSW bolted 20%, on better-than-anticipated quarterly figures coupled with a guidance boost.
Meanwhile, US markets are heading towards a Monday public holiday weekend.